2017 was a great year for our market, and conditions are ripe in 2018 for both buyers and sellers to take advantage.
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What do the final numbers say about our 2017 market? What can buyers and sellers expect moving forward in 2018?
Overall, 2017 was a pretty good year for our market. The Miranda Real Estate Group had our best year ever, selling 807 homes for a total sales volume of $166 million.
Here’s how the final numbers tallied year over year compared to 2016:
• The number of new listings dropped 4%. • The number of pending sales rose almost 2%. • The number of closed sales stayed pretty much the same. • The average days on market dropped from 74 days to 66 days. • The median sale price increased 3% from $194,000 to $200,000. This was primarily caused by low inventory, which heightened demand for homes. • The list-to-sale price ratio was 95%
Right now, we have a 5.5-month supply of inventory. This puts us slightly in a seller’s market, but things are still very balanced. If you’re looking to sell your home, you can expect to get top dollar. If you’re looking to buy, conditions are also favorable due to low interest rates, a healthy stock market, high consumer confidence, and low unemployment.
These conditions mean we think 2018 will be a great year. If you’re a buyer, though, you should really think about capitalizing on these low interest rates now because they’ll eventually rise throughout the year.
If you have any more questions about our market or you’re thinking of buying or selling a home, give me a call or message me here on our website. I’d love to help you.